- Bitcoin transaction fees remain consistently over $10 since Dec. 4, 2023.
- Miners face complex dynamics with a surge in onchain transaction fees in 2024.
- Recent decline in bitcoin’s value impacts miner revenues.
- Approval of 11 spot bitcoin ETFs contributes to bearish market behavior.
- Hashpower value drops by 34.59% from Dec. 20, 2023, to Jan. 19, 2024.
- Miners may see relief with a potential 4.4% decrease in difficulty during the upcoming retarget.
Recent data highlights a prolonged period of heightened transaction fees on the Bitcoin network. Since November 6, 2023, fees have consistently surpassed $5, reaching over $10 from December 4, 2023. A noteworthy exception briefly dropped fees to $8.33 per transaction. As the market grapples with a bearish trend fueled by the approval of 11 spot bitcoin ETFs, miner revenues face challenges. Despite January’s improved performance, the recent decline in bitcoin’s value impacts overall mining income.
Bitcoin miners experience a significant drop in hashpower value, down by 34.59% from December 20, 2023, to January 19, 2024. The impending retarget offers potential relief with a projected 4.4% reduction in mining difficulty. However, the industry contends with a backlog of over 250,000 unconfirmed transactions, creating uncertainties as the halving approaches. Miners’ decisions amid these challenges may shape the future of the leading cryptocurrency’s economic landscape.